Built in Thailand instead of Japan, the sedan version comes in considerably more equipment than its predecessor because of a favourable Free Trade Agreement between the Thai and Australian governments.

However, the sedan is still priced at $750 more than the hatch variant, which is built in Japan.

Toyota Australia said a decision to offer more standard equipment rather than lower its entry price was based on the sedan’s buyer demands.

“We’ve presented a product to the market which we think perfect matches the requirements of the buyers,” Toyota Australia marketing director Tony Cramb said.

“The sedan market is looking for comfort and luxury more for the family, whereas with the hatch buyers are looking for a more agile car.

“We think we’ve priced this vehicle to the market, and we think at that price it’s terrific value and better than what the customer can currently get.”

A hatch version of the new Corolla was introduced in 2012, but the sedan version hasn’t been available until now.

The new sedan is available in three trim variants.

The base model Ascent is priced from $20,740 and comes fitted standard with a reversing camera, rear parking sensors, 15-inch steel wheels and a 6.1-inch touchscreen with Bluetooth.

Under the bonnet, the new Corolla range comes equipped with a tweaked version of the existing 1.8-litre four-cylinder petrol engine, mated to either a six-speed manual or an optional $2250 CVT transmission with a torque converter which purports to mitigate “slipping feel”. The revised engine produces 103kW and 173Nm of torque – bringing it into line with the Corolla hatch.

In terms of fuel consumption, the manual is rated at 7.0L/100km combined, while the CVT is rated at 6.6L/100km combined – an improvement of almost 11 per cent on the predecessor.

The Corolla sedan is bigger than those before it – both inside and out. The car’s wheelbase has been stretched 100mm, while the overall length has been pushed out another 80mm.

Inside, there is more rear seat room, and a larger 470 litre boot (20 litres more than the previous version).

On top of styling changes, including more chrome exterior highlights and a swoopy stance, Toyota claims to have increased interior space and reduced cabin noise. The Japanese manufacturer has also given its best-seller a more commanding driving position.

The Corolla sedan is available in six colours, including five premium hues.

Also includes $130 capped price servicing for the first three years of ownership, however servicing is rated at every six months and 10,000km.

Manufactured in 16 plants and sold in more than 150 countries, the Corolla has been a perennial top seller within the Toyota stable. In Australia it has accounted for 426,000 sales over the past decade.